US HY CLOSE-Micron raises US$1bn via two-part trade

By Mike Gambale

NEW YORK, April 27 (IFR) - Here's a recap of primary issuance in the US high-yield market on Monday:

Number of deals priced so far: 1

Amount raised: US$1bn

Number of deals expected to price later today: 1

PRICED TODAY:

MICRON TECHNOLOGY (NasdaqGS: MU - news)

Micron Technology, current ratings Ba3/BB, announced a US$1bn 2-tranche senior note offering via MS(left)/GS (KSE: 078935.KS - news) /CS. Joint-lead managers are BAML/C/HSBC/JPM. Co-managers are BNP (Paris: FR0000131104 - news) /DBS (SES: D05.SI - news) /ING/MUF/SCB/USB/WFS. Structure will consist of a US$500m 8.75-year (1/15/24) NC3 notes and a US$500m note 10.75-year (1/15/26) NC5 tranche. 144a/RegS for life.

UOP: To repay, repurchase or make other payments with respect to the extinguishment of its debt, including its convertible notes, and for general corporate purposes. BIZ: Micron Technology, Inc. is an American multinational corporation based in Boise, Idaho which produces many forms of semiconductor devices, including dynamic random-access memory, flash memory, and solid-state drives.

PRICE TALK: 2024 at 5.125% area, 2026 at 5.500% area.

LAUNCH: US$1bn 2-part deal.

- US$550m (upsized from US$500m) at 5.25% at par.

- US$450m (downsized from US$500m) at 5.625% at par.

PRICED: US$1bn 2-part deal. MWC T+50bp. First (Other OTC: FSTC - news) pay 7/15/15. Settlement date 4/30/15.

- US$550m (upsized from US$500m). Cpn 5.25%. due 1/15/24 NC3. Ip par. Yld 5.25%. +341bp vs. 2.75% 2/15/24 UST. Call schedule: 5/1/18 at 103.938%, 5/1/19 at 102.625%, 5/1/20 at 101.313%, 5/1/21 at par. Equity clawback 35% at 105.25% prior to 5/1/18. Cusip # 595112BF9.

- US$450m (downsized from US$500m). Cpn 5.625%. Ip par. Yld 5.625%. +368bp vs. 6.00% 2/15/26. Call schedule: 5/1/20 at 102.813%, 5/1/21 at 101.875%, 5/1/22 at 100.938%, 5/1/23 at par. Equity clawback 35% at 105.625% prior to 5/1/18. Cusip # 595112BG7.

EXPECTED TO PRICE TODAY:

21ST CENTURY ONCOLOGY INC

21st Century Oncology, Inc, a Florida corporation, announced a US$400m 144A (for life) 8-year non-call 3-year senior notes via MS, DB, Key and HSBC.

UOP: Net proceeds of this offering, together with cash on hand and borrowings under the New Credit Facilities, to repay the Existing Term Loan, to redeem or repurchase Existing Notes, to pay fees and expenses related to this offering and the New (KOSDAQ: 160550.KQ - news) Credit Facilities and for general corporate purposes.

IPT: Low 10.00%

PRICE TALK: 10.5% area. 35% equity claw down from 40%.

PIPELINE:

PRISIO ACQUISITION CORP

PriSio Acquisition Corp, Caa1/CCC+, announced a US$230m 8-year nc3 senior note offering via DB(left)/BMO/CS/GS/NOM. Roadshow (HKSE: 0888.HK - news) begins Monday April 27 , pricing by end of week in conjunction with TLB. Investor (Stockholm: INVE-A.ST - news) call Monday. April 27 at 12:30 ET. US$101 COC put. Equity clawback 40% during the first 3-years. 144a/Reg (Madrid: SL001.MC - news) w/o reg rights. First call par plus 1/2 coupon. UOP: Finance the LBO of PrimeSource by Platinum Equity. The financing will also include a $300 million ABL Revolver and a $325 million TLB. BIZ: Leading two step building products distributor.

PETRA DIAMONDS (LSE: PDL.L - news)

Petra Diamonds US$ Treasury Plc, issue ratings B2/B+, announced a US$300m 5-year nc2 senior secured 2nd lien notes via RBC (Other OTC: RBCI - news) (left)/BARC. Roadshows begin April 27, with pricing expected week of May 4. First call at par plus 50% coupon. US$101 COC put. Equity clawback up to 35% during the first 2-year at par plus the coupon. 144a/RegS for life. UOP: To repay borrowings under existing Senior Secured Term Loans and Credit Facilities, and for general corporate purposes, including funding the new plant at the Cullinan mine. BIZ: Leading independent diamond mining group with a controlling interest in a diversified portfolio of five producing diamond mines.

Whisper: Mid 8.00% area

THE CHEMOURS COMPANY

The Chemours Company, rating tbd, announced a US$2.5bn 3-part US$/Euro senior note offering via CS(left)/JPM/BAML/BARC/CITI/GS. Structure will consist of a US$1.125bn 8-year nc3, E350m 8-year nc3, US$1bn 10-year nc5. Timing: European roadshow begins Friday (4/24), US roadshow begins Wednesday (4/29), pricing early week of May 4. Make whole calls apply T+50bp, DBR+50bp, and nothing for the 3-tranche. 144a/RegS w/reg rights. US$101 COC put.

Equity Clawback up to 35% within the first 3 years| None Special Call, If the spin-off is not completed on or before 11/30/15, .redemption at 100% until 8/15/15, redemption at 101% thereafter.

UOP: Partially fund a dividend to DuPont and GCP. BIZ: After the Separation from DuPont, Chemours will be an independent, publicly traded company and a global provider of performance chemicals through three reporting segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. Chemours delivers customized solutions with a wide range of industrial and specialty chemical products for markets including plastics and coatings, refrigeration and air conditioning, general industrial, mining and oil refining.

EXTENDED STAY AMERICA INC (NYSE: STAY - news)

Extended Stay America Inc, expected ratings B3/BB-, US$500m 10-year nc5 senior note offering via DB(left)/CITI/GS/JPM/BARC/CS. Co-manager Lebenthal. Roadshows being tomorrow (28Apr), with pricing expected at the end of this week. 144a/RegS w/o reg rights. US$101 COC put. Equity clawback 35% during the first 3-years.

UOP: to repay a portion of amounts outstanding under a mortgage loan. BIZ: Extended Stay America (NYSE: STAY) is a extended-stay hotel brand owned by Extended Stay Hotels, comprising 632 properties across the United States that are all owned and operated by the company, which is headquartered in Charlotte, North Carolina.

AHERN RENTALS INC

Ahern Rentals Inc, B3/B, announced a US$500m 8-year senior secured 2nd lien notes. UOP: Proceeds from the issuance of the proposed $500 million second lien notes are anticipated to be used primarily towards redeeming the company's existing $420 million 9.5% senior secured second lien notes and to a lesser extent, reduce borrowings under its ABL facility. Proceeds will also be used towards paying a make-whole premium, repaying a $5 million shareholder contribution and other transaction-related fees and expenses. BIZ: the largest independently-owned equipment rental company in the U.S.

UPDATE: Rated "B" by S&P.

QUICKEN LOANS

Quicken Loans announced a US$1.25bn senior note offering via CS(left)/JPM. Roadshows are set to begin this week. UOP: To make a payment to parent Rock Holdings and for general corporate purposes. BIZ: Quicken Loans Inc., headquartered in Detroit, Michigan is, since 2012, the largest online retail mortgage lender and the second largest overall retail lender in the United States.

VOLUME STATISTICS LAST WEEK

This Month

55 Tranches US$35.310bn

Last Week's Volume

14 Tranches For US$10.615bn

This Year's Volume

185 Tranches US$126.615bn

Weekly tranches by maturity HY Corps

3 X 5-YRS US$1.875bn

2 X 6-YRS US$1.240bn

3 X 7-YRS US$3.600bn

2 X 8-YRS US$900m

3 X 10-YRS US$2.500bn

1 X 10.75-YRS US$500m

S&P Ratings

B 1 Tranche US$175m

B- 3 Tranches US$1.00bn

BB 5 Tranches US$4.500bn

BB- 1 Tranche US$500m

CCC 1 Tranche US$700m

CCC+ 2 Tranches US$1.440bn

N/A 1 Tranche US$2.300bn (Reporting by Michael Gambale; editing by Shankar Ramakrishnan)